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Govt receives 1,500 super responses
The Federal Government has received more than 1,500 written submissions in response to its Budget superannuation proposals ahead of the end of the three-month consultation period this week.
A range of industry and community groups utilised the consultation arrangements to comment on the Government’s proposals, which will shape legislative amendments to be introduced to the Parliament later this year.
One of the organisations lending support to the bulk of the Budget proposals was the Association of Superannuation Funds of Australia (ASFA), which said while it held some reservations about the administration of superannuation after the changes it believed they would have a largely positive influence.
Referring to the proposed tax changes, ASFA said that rather than prompting wholesale spending from individuals able to access superannuation tax-free upon turning 60, it believed the changes would encourage members to contribute to superannuation throughout their working lives.
“We are pretty confident that the vast majority of people will not ‘blow’ their super immediately on retirement, but will draw down their retirement benefits in a measured manner,” said ASFA chief executive Philippa Smith.
ASFA’s only concern was that the streamlining and simplification of the new system aimed at individual members should be mirrored in administrators’ obligations.
“There is the potential for complicated administration, and consequently increased costs, to arise,” said Smith.
ASFA’s submission makes several recommendations about contribution limits, along with the collection and administration of tax file numbers, “so that individuals are not penalised through the actions or inactions of their employer”.
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